Which of the following statements is true regarding impairment losses on intangible assets in use? OIf the asset fails the recoverability test, the impairment loss is the amount by which the carrying value exceeds the fair value. The asset fails the recoverability test if its expected future net cash flows exceed its carrying value. After the impairment loss is recorded, the asset will be reported at net realizable value. The asset fails the recoverability test if its fair value is less than its carrying value.